Eni sells Shorouk concession stake to BP

Eni of Italy on Friday said it has agreed to sell a 10 percent participating interest in the Shorouk concession offshore Egypt to BP.
Illustration purposes only (Image courtesy of Eni)

Eni of Italy on Friday said it has agreed to sell a 10 percent participating interest in the Shorouk concession, offshore Egypt, to BP.

The Italian company currently holds a 100 percent stake in the block where the Zohr gas field is located, through its unit IEOC.

The agreement includes a consideration of US$375 million and the pro-quota reimbursement of past expenditures, which amount so far at approximately $150 million. In addition, BP has an option to buy a further 5 percent stake under the same terms, Eni said in its statement.

The Zohr field, located in the Shorouk concession, was discovered by Eni in August 2015 and is the largest natural gas field ever found in the Mediterranean, with a total potential of 850 billion cubic meters of gas in place.

On February 2016, the authorization process for the development of the field was completed, while the first gas is expected by the end of 2017.

In its statement, BP noted that so far six wells have been drilled on the field.

BP’s CEO Bob Dudley noted that in addition to the Zohr gas field, the first phase of the company’s West Nile Delta project is on schedule to begin production next year, and the fast-tracked development of the Atoll gas field is expected to come on stream in 2018.

 

LNG World News Staff

Share this article

Follow LNG World News

Events>

<< Aug 2017 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Mozambique Gas Summit & Exhibition

Now in its fourth edition, the Mozambique Gas Summit & Exhibition is recognized as the leading strategic meeting for Mozambique’s gas industry…

read more >

LNGgc London

Attend LNGgc London this year, the flagship event of the international LNGgc series.

read more >

CWC World LNG & Gas Series: Asia Pacific Summit

Now in its ninth year, the most established and highly-regarded LNG Summit in Asia Pacific – CWC’s World LNG & Gas Series: Asia Pacific Summit…

read more >

International Gas Cooperation Summit (IGCS)

The International Gas Cooperation Summit (IGCS) is a platform for South Africa’s aspirations to build an energy hub for gas cooperation…

read more >